Law Firm Consulting & Analytics
“Without Bridgesphere, I couldn’t run my firm. They are an indispensable part of our finance and operations.”
– Bridgesphere Client
Strategic Planning for Law Firms
Competitive Strategy For An Evolving Marketplace: Great management teams not only set goals but design roadmaps to achieve those goals. Bridgesphere creates these roadmaps for our clients. Our strategic plans have helped law firms more-than-double profits per partner and achieve revenue growth up to 300%. Defining the roadmap is our key to success. Our expertise in strategic planning will help your firm boost profitability, accelerate growth, and gain market share in the evolving marketplace for legal services.
Business Process Improvement
Financially Disciplined BPI: Bridgesphere develops law firm BPI strategies that not only improve efficiency but also boost the bottom line. Whether our clients are looking to improve upon a single business function or endeavoring to overhaul their entire back office, Bridgesphere empowers management teams to improve operational efficiency with financial prudence.
Law Firm Analytics
Business Intelligence for Law Firms: Law Firm Analytics help clients improve revenues up to 40%. Our analytics platforms are based on over 1,000 proprietary algorithms that are customized for each client. Using a law firm’s time entry data, Bridgesphere provides valuable insight into what teams, attorneys, clients, and matters are generating the most financial headwind.
Coupled with our expert guidance, Bridgesphere’s analytics help clients spend less time sifting through data, and more time managing their practice. Law Firm Analytics will give your firm a financial edge.
Pricing Studies
Bridgesphere helps clients determine when and if AFA’s are economically prudent. Powered by our proprietary Law Firm Analytics platform, we conduct sophisticated analyses to support our clients' development of pricing strategies that are closely aligned with their firms' financial goals.
Transaction Advisory for Law Firms
Bridgesphere’s transaction advisory quantifies detailed law firm valuations and develops strategies to facilitate and finance proposed transactions. We further support our clients by developing financial models, strategic plans, and integration strategies that will improve the combined law firm post-transaction.
Marketing Strategy
Marketing Strategy Meets Financial Strategy: Bridgesphere’s financial expertise will boost the ROI of your marketing investments. Bridgesphere’s analytical framework has helped clients align marketing expenditures along the endeavors that maximize revenue growth. Our approach not only boosts the return on our clients’ marketing investments but also improves the profitability their entire firm.
Law Firm Consulting & Analytics
Bridgesphere provides consulting and analytics solutions specifically tailored for law firms from boutique to Biglaw
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Case Studies
To better understand how we help law firms solve their most complex business challenges, we offer the following case studies. Since every client is unique, no two mandates are ever the same.
Looking for help in areas not listed here? Give us a call, or schedule a consultation using the button, below. We are here to help.
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Strategic Planning for Law Firms
Our client: A Bay Area law firm with revenues of approximately $1Million, had successfully built a boutique practice over the course of several years. Recently, the Firm hit a roadblock. Management knew that an investment in people and processes would somehow unlock additional growth, but it was unclear what to do -- or how to do it.
Having recently been turned down for bank financing, management turned to Bridgesphere for advice.
Our Mandate: Develop a strategic plan that would double revenues and significantly increase partner compensation, all without the use of debt or outside investment.
Bridgesphere Delivered: Our strategic plan outlined a roadmap that detailed the business strategies and milestones that would propel our client’s business to the next level. We were at our client’s side the entire way, from planning to execution. Over the course of three years, our client tripled its revenues, more-than-doubled its earnings, and significantly increased its footprint and exposure in the Bay Area legal market.
Business Process Improvement
Our Client: A mid-sized law firm diversified across numerous practice groups was operating its business using software, systems, and processes that were developed anywhere between 10 and 30 years ago. Management had identified a list of a dozen business processes that it sought to modernize and asked Bridgesphere to formulate a plan.
Our Mandate: Develop a BPI strategy that modernized our client’s core business processes in a fashion that increased the profitability of the firm.
Bridgesphere Delivered: Bridgesphere conducted a comprehensive strategic-financial review of our client’s business, ascertaining which systems were placing the most financial pressure on the firm.
Armed with the knowledge of what business functions offered the most financial opportunity for our client, Bridgesphere outlined a series of strategies that empowered our client modernize its law firm. Process improvement offered our client the opportunity to improve client service, boost efficiency, and increase profitability.
Our plan outlined a road map for improving our client's business processes. Our financial analytics enabled our client to identify $250k in profit improvement along the way.
Law Firm Analytics
Our Client: A mid-sized law firm was seeking a business intelligence solution that would serve as a management dashboard and a tool to improve the productivity of its attorneys.
Our Mandate: Determine the optimal productivity goal for the firm’s attorneys. Develop a dashboard that quickly ascertained whether key business goals were being met. Develop a comprehensive business intelligence package that empowered management to determine what attorneys, clients, and matters were driving financial headwinds inside the firm.
Bridgesphere Delivered: Bridgesphere developed a business intelligence package that helped our client improve revenues by 40%. In addition to establishing productivity and profitability goals for each attorney, Bridgesphere provided new compensation strategies to align the financial goals of the partners with the productivity and profitability goals of each of the firm’s associates.
Bridgesphere’s Law Firm Analytics platform tracked the performance of each of the Firm’s attorneys, clients, and matters. Armed with that knowledge, management took action: improving its pricing strategies, and boosting the productivity and profitability of each of its attorneys.
Pricing Studies
Our Client: A Mid-sized law firm in a highly competitive market that offered a mix between flat-fee and hourly services.
Our Mandate: Determine whether matters conducted on a flat fee basis were properly priced. Gain a comprehensive understanding of which matters were the most profitable to the firm, and determine how they should be priced & marketed.
Bridgesphere Delivered: After conducting a sophisticated analysis of each of the Firm’s client matters over a multi-year period, Bridgesphere determined that the majority of the Firm’s matters that were conducted on a flat-fee basis were significantly underpriced. Bridgesphere developed a modified pricing structure for flat-fee engagements which significantly improved revenues by aligning price with a client’s demands on the Firm.
Additional analysis enabled our client to better quantify time and expenses related to several classifications of client matters. Our client used this analysis to more competitively price certain types of work and significantly improve its ability to forecast revenue, expenses, and attorney utilization rates.
Transaction Advisory for Law Firms
Our Client: Was contemplating the acquisition of a multi-disciplinary law firm. Our client was struggling with determining a fair purchase price and was unsure how to best finance the transaction.
Our Mandate: Value the target law firm, determine whether there were any "red flags" that would either drive the purchase price lower, or make the acquisition an unwise venture.
Bridgesphere Delivered: Using a proprietary blend of valuation metrics, Bridgesphere determined a fair value for the target law firm by conducting a thorough analysis of the target’s financial performance, client profitability, attorney productivity, and other non-financial strategic attributes. In addition to determine a fair valuation for the target law firm, Bridgesphere identified numerous operational and financial deficiencies that were used by our client to negotiate a more favorable purchase price.
Marketing Strategy
Our Client: A mid-sized Bay Area legal services firm had a portfolio of marketing strategies that encompassed advertising on Google, Yelp!, and a host of other 3rd party websites. Our client also devoted significant resources to blogging, hosting webinars, and traditional in-person business development initiatives conducted by its attorneys.
As a result of spending on a wide variety of different mediums, it was becoming difficult to determine which strategies were working and what needed to be improved upon. To make matters worse, marketing-related expenses were growing at a rate much-faster than revenues. Something in or client’s marketing machine was broken.
Our Mandate: Identify which marketing strategies were the most profitable. Delineate a comprehensive marketing strategy that would reign-in marketing investment but continue to boost revenues and improve profitability.
Bridgesphere Delivered: After quantifying our client’s return on investment for each marketing endeavor, Bridgesphere developed a comprehensive marketing strategy that re-aligned marketing investment toward the strategies that were creating the most value. By developing an attractive incentive plan that aligned the financial goals of the firm with the compensation plan of its attorneys, Bridgesphere boosted the revenue growth generated by the firm’s internal efforts.
The proof of our success was reflected in our client's financial results. Bridgesphere’s recommendations enabled our client to accelerate revenue growth while reducing overall marketing expenditures.